Azerbaijan's Bank Avrasiya finishes 2020 with loss

Finance Materials 17 February 2021 09:01 (UTC +04:00)
Azerbaijan's Bank Avrasiya finishes 2020 with loss

BAKU, Azerbaijan, Feb. 17

By Zeyni Jafarov - Trend:

Azerbaijani Bank Avrasiya ended 2020 with 77.1 percent plunge in net profit compared to the previous year, Trend reports on Feb. 16 referring to the bank's financial report.

According to the report, the bank’s net profit as of late 2020 made up 1.2 million manat ($710,000), which is 4.1 million manat ($2.4 million) more than as of late 2019.

The profit was made through interest income of 10.9 million manat ($6.4 million), which decreased by 1.1 percent and non-interest income – 1.5 million manat ($880,000), which in turn edged down by almost 16.3 percent on an annualized basis.

The bank's interest expenses in 2020 amounted to slightly over 1.9 million manat ($1.1 million), showing 19.3 percent decrease compared to 2019, and non-interest expenses – 4.9 million manat that’s $2.8 million (down by 4.2 percent for the year).

The profit before taxes and unforeseen expenses related to banking activity made up 1.55 million manat ($910,000 million), dropping in annual terms by 4.3 times.

(1 USD = 1.7 AZN on Feb.16)


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